Dave (company)
Digital banking service
From Wikipedia, the free encyclopedia
Dave, also known as Dave.com, is a U.S. financial technology company and digital banking platform. The company is best known for ExtraCash,[1] a short-term credit product designed as an alternative to overdraft fees and payday loans. Founded in 2017 [2] by Jason Wilk, Dave positions itself as a consumer-friendly challenger to traditional banks.
 | |
| Traded as | |
|---|---|
| Headquarters | Los Angeles, California |
| CEO | Jason Wilk |
| Industry | |
| URL | dave |
| Registration | Required |
| Users | 10 million |
History
The name Dave is taken from David, as in David and Goliath, and was chosen on purpose to be different from its competitors. Its mascot is a bear wearing glasses.[3]
Shark Tank star Mark Cuban led a $3 million seed investment round in the company, saying he was crushed by overdraft fees in his twenties. The CEO of Dave, Jason Wilk,[4][circular reference] was the former creator of AllScreen, a company which was also originally funded by Cuban, who put in a $300,000 investment.[5][6]
After the initial investment in Dave by Cuban and other investors, the total funding of the app has increased to $180 million after the $50 million investment by Norwest Venture Capital.[7] The Dave app was the Apple App of the Day in April 2017.[8] It has been downloaded 10 million times.[8] In July 2019, the company was named one of the next billion-dollar startups by Forbes.[8] In October 2019, Dave received a valuation of US$1 billion, and had over four million users.[9][10]
Dave was ranked number five in Inc. Magazine's list of 5,000 fastest growing companies for 2021.[11] Dave went public on NASDAQ via SPAC on January 6, 2022 through VPC Impact Acquisition Holdings III created by longtime Dave investor Victory Park Capital.[12] The initial valuation was $4 billion.[13] The company was the top performing financial stock of 2024 according to CNBC.[14]
Services
Dave's main service is ExtraCash, a short-term credit product designed as an alternative to overdraft fees and payday loans.[1]
Dave's main service is short-term lending. The company does not charge interest, or late fees, instead charging for a monthly fee and 5% origination fee.[15] Dave launched a banking service in 2019,[16] through a partnership with Evolve Bank & Trust.[17][18] It has a service for finding side-work called SideHustle.[19]
